Issue of Equity

RNS Number : 4395G

Minoan Group PLC

12 May 2011

 



12 May 2011

Minoan Group Plc

("Minoan" or the "Group") 

Placing

Minoan Group Plc is pleased to announce that, following further demand from both new and existing professional investors, it has successfully placed 2,698,413 new ordinary shares at 15.75 pence per share raising £425,000.  

The Directors' beneficial shareholdings are 1,841,223 ordinary shares, representing 2.10% of the issued share capital as enlarged following this placing.

Minoan Chairman, Christopher Egleton commented:

"I am very pleased with the demand from institutions for new equity following the recent announcements of further developments in the Group's expansion of its Travel and Leisure ("T&L") business. The additional funding will be used primarily to enable us to press forward with the implementation of our growth strategy in the T&L sector and to provide ongoing working capital. I look forward to providing shareholders with further news regarding the implementation of this strategy in the near future".

Application has been made for the 2,698,413 new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 18 May 2011. Following Admission, there will be a total of 87,541,778 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Minoan under the FSA's Disclosure and Transparency Rules.

For further information visit www.minoangroup.com or contact:

Minoan Group Plc

Christopher Egleton                                              [e-mail]

Bill Cole                                                                020 8253 4305

Seymour Pierce Limited                                     020 7107 8000

Nicola Marrin/David Foreman (Corporate Finance)  

Marianne Woods (Corporate Broking)

Rivington Street Corporate Finance Limited   020 7562 3384

Dru Edmonstone

Bishopsgate Communications Limited              020 7562 3350                               

Nick Rome/Michael Kinirons      

 

END

 

 

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